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Public company info - Luxxu Group Limited , 01327.HK

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Luxxu Group Limited, 01327.HK - Company Profile
Chairman -
Share Issued (share) 415,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Watch & Jewellery
Corporate Profile Business Summary: The Group is principally engaged in the manufacture and sales of own-branded watches, OEM watches and third-party watches. Performance for the year: The Group’s revenue decreased by approximately RMB15.4 million or approximately 14.4% from approximately RMB106.9 million for the year ended 31 December 2018 to approximately RMB91.5 million for the year ended 31 December 2019. Business Review During FY2019, the Group changed the company name to Luxxu Group Limited as the Board considers that the new name and new dual foreign name in Chinese of the Company can better reflect the strategic direction and business focus of the Group on luxury market, including but not limited to luxury consumer goods, high-ended watches, jewelleries, and luxury lifestyle consumption products in the future. The Board also believes that the new name can provide the Company with a more defined corporate image and identity which will benefit the business development of the Group and is in the interests of the Company and the Shareholders as a whole. In 2019, the Group continued to focus on its business operations which (i) cooperate with different industry experts to design and sales of prestige and high-end watches and accessories, including but not limited to diamond tourbillon watches and luxury jewellery watches; (ii) design, production and assembly of watches for The Group’s OEM customers; and (iii) manufacture and sales of The Group’s own brands watches. Due to the prolonged Sino-US trade dispute, the sales in FY2019 has been affected due to the uncertainties which may bring from the Sino-US trade dispute and also the moderation in retail sales in Hong Kong because of the social demonstration. According to the statistics from The Census and Statistics Department, retail sales of the jewellery, watches and clocks, and valuable gifts category in Hong Kong has decreased approximately 21%, 41% and 47% for FY2019, 6 months and 3 months ended 31 December 2019 respectively, when comparing with 2018. Prospects: Going forward, the Group aimed to offer premium quality products to customers and will continue to strengthen The Group’s core competitiveness by improving The Group’s watch and jewellery design and development capabilities by upholding the design and artistic knowledge of the design team and recruitment of additional talents. In view of the Sino-US trade dispute mentioned above, the cooling economy in the PRC and also the outbreak of the coronarius in Hong Kong and the PRC, the Group expects 2020 will be a challenging year. The Group will closely monitor the market response and remix the business and product portfolio to suit the market needs, including but not limited to design, manufacture and sales of prestige and high-end watches and jewelleries and stay competitive. Although there is a cooling economy in the PRC, in view of (i) the growing middle-class, (ii) increase of disposal income, in particular among Chinese women; and (iii) the rising women’s job participation rate, the Group still believe that there is a strong force behind the consumption of prestige and high-end watches and luxury jewelleries and accessories in long run. The Group should allocate more resources and effort to strengthen The Group’s design team and consider crossover design with some famous designer so that the Group can offer fashionable and affordable watches and jewelleries suitable for wearing in workplace. Looking beyond the near-term uncertainties, the Group remains committed to seeking and seizing new opportunities, and is well-prepared to shine in the future.

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